OCC to Focus on Regulatory Change Management in 2017

The Office of the Comptroller of the Currency (OCC) recently released its list of priorities for bank supervision, and put a heavy emphasis on regulatory change management. In addition to making sure that banks are following all existing regulations, the OCC will also seek to ensure that banks under its supervision have processes in place to handle regulatory changes as they happen.

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The priorities come from the OCC's Committee on Bank Supervision (CBS), and offer banks a roadmap for which areas the OCC will focus on as they conduct examinations throughout 2017. The document outlines broad priorities before breaking out specific focus areas for individual operating units within the CBS.

Overall, the OCC will prioritize loan underwriting, business model stability, operational resiliency, Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance management, and regulatory change management processes.

The individual operating units list much more granular priorities, and both the Large Bank Supervision and the Midsize and Community Bank Supervision units specifically call out regulatory change management as an area of interest for 2017. 

In particular, the units highlight the importance of change management processes for specific areas of regulation, including "the integrated mortgage disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act and the rules that implement the Military Lending Act, Flood Disaster Protection Act, and Home Mortgage Disclosure Act."

The emphasis on strong change management processes puts a great deal of responsibility on bank compliance departments to implement systems and procedures that will allow them to identify and respond to regulatory changes in these areas. Failure to do so could bring unwanted attention from the OCC.

Obviously, in order to respond to regulatory changes, banks must first know what changes have occurred. Jurispect aggregates rules, proposed rules, enforcement actions, agency guidance, and much more into a single platform, which allows compliance teams to identify and follow developments to the regulatory framework. 

In addition, Jurispect's sophisticated analysis of regulatory trends helps identify emerging issues so compliance teams won't miss an important development. Our platform also allows compliance officers to monitor and report on which changes their teams have read and how they have communicated those changes to the broader business, which can help demonstrate to regulators that the institution has strong procedures in place to track and respond to regulatory developments.

Request a demonstration to learn more about how Jurispect can help your team with regulatory change management.